Managing partner of Sarie-Eldin & Partners Legal Advisors Hany Sarie-Eldin has stated that his office will provide Dar Al-Handasah alliance with legal advice on all dealings with government agencies and ministries with the goal of developing the industrial hub around the Suez Canal Axis project.
Sarie Eldin’s office is part of the winning Bahrain-registered Dar Al-Handasah company – which submitted a bid in alliance with its Egyptian partner – beat 13 international companies that had submitted offers to supervise economic development linked to the project to extend the Suez canal. The Beyousr alliance came in second, Hamza third, and Bayt El Khebra took fourth place.
The office will provide the alliance with necessary legal advice, reviews of Egyptian laws, and legal reviews of contracts while also developing an integrated economic plan, Sarie-Eldin stated.
He also predicted that the outline of the Suez Canal Axis Development Project will be finished within six months. The entire venture is expected to be finished over ten years, said Sarie-Eldin, but investment projects will begin operating and producing immediately after the outline is completed.
The general outline of the project consists of six main axes aimed at developing the Suez Canal. The first axis involves a strategy for economic development within the canal region, while the second axis entails establishing a general engineering outline.
The third axis includes identifying various uses for land surrounding ports in the region, and the fourth aims to determine available investment opportunities and how to market them.
The fifth axis provides for study of the economic, environmental, and social impact of the project, while the sixth and final axis entails formulating a clear media plan to present the project to local and foreign audiences.
“The Egyptian administration hopes to turn the two banks of the Suez Canal, one of the most important shipping lanes in the world, into an international commercial and industrial center,” said Sarie-Eldin, who expects that billions of dollars will be created by the project, which he claimed could help solve the unemployment problem and provide at least 1 million job opportunities.